Northern Oil and Gas, Inc. (NYSE:NOG) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) have been assigned a consensus rating of “Moderate Buy” from the eleven brokerages that are currently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $47.50.

NOG has been the topic of a number of research analyst reports. StockNews.com downgraded shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Royal Bank of Canada downgraded shares of Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and lifted their target price for the stock from $43.00 to $45.00 in a research report on Wednesday. Piper Sandler lifted their target price on Northern Oil and Gas from $40.00 to $41.00 and gave the stock a “neutral” rating in a report on Monday, November 18th. Truist Financial increased their price target on Northern Oil and Gas from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group initiated coverage on Northern Oil and Gas in a report on Thursday, October 3rd. They issued a “buy” rating and a $53.00 target price on the stock.

Insider Activity at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 2,508 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total transaction of $96,558.00. Following the completion of the sale, the president now owns 107,876 shares in the company, valued at $4,153,226. The trade was a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Chad W. Allen sold 1,500 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $40.00, for a total value of $60,000.00. Following the completion of the transaction, the chief financial officer now owns 83,792 shares in the company, valued at approximately $3,351,680. This represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,508 shares of company stock worth $248,113 in the last quarter. Company insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its holdings in shares of Northern Oil and Gas by 45.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock worth $93,744,000 after acquiring an additional 789,985 shares during the last quarter. American Century Companies Inc. grew its holdings in Northern Oil and Gas by 11.0% during the second quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock worth $206,905,000 after buying an additional 552,645 shares in the last quarter. abrdn plc purchased a new position in Northern Oil and Gas during the 3rd quarter worth $17,096,000. Bridgewater Associates LP grew its stake in shares of Northern Oil and Gas by 135.6% in the 3rd quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock worth $18,101,000 after acquiring an additional 294,223 shares in the last quarter. Finally, New York State Common Retirement Fund raised its holdings in shares of Northern Oil and Gas by 41.4% in the third quarter. New York State Common Retirement Fund now owns 940,987 shares of the company’s stock valued at $33,320,000 after purchasing an additional 275,704 shares during the last quarter. Institutional investors and hedge funds own 98.80% of the company’s stock.

Northern Oil and Gas Stock Performance

NYSE NOG opened at $43.21 on Monday. Northern Oil and Gas has a 1 year low of $31.13 and a 1 year high of $43.80. The firm has a market capitalization of $4.31 billion, a price-to-earnings ratio of 5.08 and a beta of 1.80. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.84. The firm’s 50 day simple moving average is $38.10 and its 200 day simple moving average is $38.55.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.20. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The company had revenue of $753.64 million for the quarter, compared to analyst estimates of $540.23 million. During the same quarter last year, the company posted $1.73 EPS. The company’s revenue for the quarter was up 140.0% compared to the same quarter last year. As a group, research analysts expect that Northern Oil and Gas will post 5.42 earnings per share for the current fiscal year.

About Northern Oil and Gas

Northern Oil and Gas, Inc, an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. It primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States.